Help Me With A Trading Question Please

Quote from Surdo:

How big is your dick (approximately)?
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Well, I guess we all have our own special interests....Nothing wrong with being gay Surdo...Now if you don't mind I would suggest you get back to your parade in "the village" while we try to help this guy...

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Handsome

What is your net worth.. How is it that you have any disposable monies to risk in the market?

I find it difficult to believe that a person whose income is $700 a month can make ends meet let alone invest or trade in the stock market...I'd like to know more about your situation before offering a comment...

Steve
 
Quote from Surdo:

How big is your dick (approximately)?
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Surdo, You are a fag. Only a fag would come on elite trader and ask somebody how big their dick is. I'm sure his dick will fit nicely in your mouth you Fag!!
 
Quote from Surdo:

How big is your dick (approximately)?
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Surdo - you really should keep your sexual preference to yourself. There are gay nightclubs and queer homosexual same sex websites that cater to queer homosexuals like yourself. Elite trader forum is not the place for you to search for a gay lover. And besides, it is really gross that you would be a queer. Did something happen to when you were a child to make you turn gay and want to have sex with men? It is not normal for a man to have sex with another man. It is gross. Please take your homosexual thoughts to yourself. This is a stock trading forum.
 
Quote from rcj:

Well...i was addressing this persons situation only. For ex. with
income of only 700$ per mo and say he traded for a profit of
15-20K its likely IRS is gonna say he is trader status.

... rj
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Not necessarily. This person says he will average 4 trades per month, 48 trades a year and make approximately $15,000 per annum which works out to $1,250 per month. These figures in and of themselves do not indicate anything conclusive. There are several other factors involved including source of funding to make these trades. Based on the information provided it would be sheer conjecture to label him as an investor or trader. The link below provides detailed guidelines as to what constitutes a trader in securities.

http://www.irs.gov/taxtopics/tc429.html
 
If your ownly income is the Soc Sec and 15k in trading you will not be paying taxes anyway. The Soc Sec will not be considered taxable and your 15k will be reduced to just about nothing by your itemized deductions and your personal exemptions.

File the schedule D anyway otherwise you'll receive a letter asking for it.
 
Quote from tommyemini:

The software you use to trade with keeps track of your buy and sell trades for you. You print out your buy and sells at the end of the trading day on your computer printer. You will also get a W-2 from your broker at the end of the year with every single one of your buy and sell orders on the W-2. But you should keep track with your own notepad and pen and paper also at the end of the trading day or as you go along.

If you think you will make 15K at the end of the year, then I would adivise you to hire a CPA to do your taxes. It isn't expensive. Mine only charges $150.00 for everything. It is worth the $150.00 to me. Make sure you hire one that specializes in securities. Don't look for a budget CPA when it comes to your taxes. But there is no reason to hire one by the hour either. It shouldn't cost you more than $150.00. If he wants to charge you more, then find another one.
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Thanks tommy!
 
Quote from steve46:


Handsome

What is your net worth.. How is it that you have any disposable monies to risk in the market?

I find it difficult to believe that a person whose income is $700 a month can make ends meet let alone invest or trade in the stock market...I'd like to know more about your situation before offering a comment...

Steve
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I have a very good net worth as I made very good money before getting cancer..I also have my house paid off which is worth quite a bit...so bottom line is I do have some money to buy some stocks.

You see, due to my only income (besides my savings and assets) is soc sec disability and due to it being so low, I am not required to file a tax return...So my whole purpose in asking about if i made $15K say in a year buying and selling a stock (just threw that 15k figure out for an example) is I was wondering if there is a minimum one must make on say buying and then selling a stock before they need to file a return...

But from all the good replies, I now understand that yes, I would need to file a return and list any and all buys and sells so I really appreciate all the good advice here as that is why I asked here..

I am talking really small time..like maybe buy and then hold and then sell in a few months if it is profitable...so trader status wouldn't even be close to applying to me..

As tommy as posted I think I will hire a CPA if I decided to buy and then sell any stocks this year..

Thanks for all the replies.
 
Quote from edpolton:

If your only income is the Soc Sec and 15k in trading you will not be paying taxes anyway. The Soc Sec will not be considered taxable and your 15k will be reduced to just about nothing by your itemized deductions and your personal exemptions.

File the schedule D anyway otherwise you'll receive a letter asking for it.
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Thanks as that is basically what I was trying to find out...If I would need to even file if I only say made a profit of 15k so you, as well as the others, have been very helpful to me and I appreciate it..

Thank you.
 
I worried a lot when I started about how I was going to pay the taxes. Going on my third year now and so far the only thing Ive had to worry about is how much of my losses can I deduct.:)
 
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